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Liven launches $65M ICO in world-first, allowing Aussies to buy lunch with crypto

Leading dining rewards-based payment app Liven has today announced the company would be the world’s first to enable Australians to transact with cryptocurrency in daily life on a large scale. The news comes as Liven launches the pre-sale for its initial coin offering (ICO), expected to be Australia’s largest to date with a goal of around AUD $65 million, to power Liven’s latest venture.

Liven will introduce a new digital currency called LivenCoin (LVN), allowing everyday Aussies to purchase food and drink at over 700 restaurants with cryptocurrency.

Founded in 2014 by siblings William and Grace Wong, alongside engineering PhD David Ballerini, Liven allows over 180,000 users to be credited with 15-25 percent of their bill spend at bars and restaurants as LivenCash, which can be spent on their next outing, or donated to charity.

The app, which has raised AUD$11.5 million in traditional capital and has processed over AUD$5 million in bill payments, will be the first of its kind to bring blockchain to the masses with the launch of its ICO.

Liven’s ICO will see 1750 million LVN tokens available for purchase (with a hard cap of AUD 65M approximately) with a minimum presale buy-in of AUD$10,000 equivalent of ETH. Liven’s private presale for sophisticated investors will launch April 15, 2018, and is taking expressions of interest from March 20, while the public sale will commence May 7 and conclude June 1, 2018.

For non-sophisticated crypto investors and everyday Australians, LivenCoin will be “mined” when users eat out, with the tokens to replace Liven’s current fiat-based rewards currency when the updated platform launches in August 2018 with the full transition expected to complete in October 2018. Everyday Australians will earn LivenCoin that can be spent at partner restaurants like 8Bit Burgers, Poke Bowl, Roll’d, Crinitis, Mad Mex, Massi, AU79, Nene Chicken and more, every time they eat out and pay using the Liven app.

Liven co-founder Grace Wong said the ICO would allow Liven to generate the funds required to develop a new cryptocurrency gateway for the platform as well as fund the company’s expansion into lucrative new markets and verticals.

“Liven has a strong presence in both Melbourne and Sydney, however, a key focus is to grow our footprint in what we’ve identified as a $39 billion market in Australia alone. We’ve got over 2,500 partner venues contracted to join the platform in 2018, which will soon include some of our favourite venues in Brisbane, Adelaide and Perth. We’re demonstrating 50 percent quarter on quarter growth, already operating as network currency system. Introducing the latest blockchain technology was an obvious progression for Liven, to support our growing transaction requirements. Based on customer demand for crypto capabilities, combined with early stage interest, we anticipate our growth will increase substantially, ” she said.

“Our vision for Liven has been international from the outset, and the ICO will provide us with the resources to build world-class infrastructure as we branch out globally, beginning with the US and UK, collectively worth around USD$1 trillion in the hospitality sector alone. From there, we’ll look to diversify into other verticals such as travel, lifestyle services and retail”.

Commenting on the business value of Liven’s new economy, Roshan Nijar, co-founder at 8Bit Burgers said “LivenCash becoming a tangible cryptocurrency makes a lot of sense and is inevitably the way of the future. 8 Bit is excited to be involved. We envision this to be a mutually beneficial marriage where Liven’s new system will be used in our stores and marketed to help make a real connection for users between our physical brick and mortar world and Livens ecosystem. Enabling people to purchase food with crypto will undoubtedly become a reality for everyone soon, and to be involved in this pioneering phase, is where 8Bit wants to be. With our Sydney flagship set to open in April Liven will connect and involve us with this new technology of the future”.

Co-founder and academic behind Liven’s economic formulae, Dr David Ballerini said the ICO was an anomaly amongst the latest funding trend, which has piqued the attention of crypto skeptics and supporters alike.

“Liven has been of significant interest, particularly to investors, because unlike the vast majority of ICO projects, the company is underpinned by a successful business model with sound unit economics and backed by millions in private capital, that only comes after painstaking due diligence and expert analysis.

“With its expansive network of merchants and customers, Liven will be the first company to achieve mass adoption of crypto transactions, external to crypto-communities. We’ve also built in reward mechanism and market correction systems to ensure LVN tokens are always underwritten by intrinsic value that stably grows over time, without a high risk of a ‘Bitcoin-bubble’ forming,” Ballerini said.

Key dates around the ICO:

  • March 20, 2018: Request for Private Presale Invite
  • April 15, 2018 Private Presale for sophisticated investors
  • May 7, 2018: Public main sale
  • June 15, 2018: Token allocation

To submit an expression of interest, or request Liven’s whitepaper, visit http://www.livenpay.io/

 

ABOUT LIVEN :

Liven is Australia’s leading rewards based payment app that lets over 180,000 users claim digital dining credit every time they spend at over 700 partner restaurants across the country. Users currently earn up to 25% of the bill in Liven Cash when they pay through the Liven app, which can be spent next time they dine at any Liven venue, or donated to a variety of Australian charities. Founded by Melbourne siblings Grace and William Wong, and academic David Ballerini, Liven is available in Melbourne and Sydney, and has raised $11.5 million to date. Liven is on a mission to encourage Australians to explore their cities by rewarding them for every new experience at Australia’s favourite venues including SumoSalad, Criniti’s, Poké Man, Mad Mex, Roll’d and hundreds more.

**This article was provided through a newswire and does not express the views or opinions of 61-Bit. 

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Liven launches $65M ICO in world-first, allowing Aussies to buy lunch with crypto
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